Henry Liu on the Essence of Global Market Capitalism

I was having a discussion with a colleague on financial warfare and did a bit of research, looking at the wonderful articles by Michel Chossudovsky, that are so helpful to understand how the cabal undermined national economies, (1) and the brilliant analyses of Henry C.K. Liu of global market capitalism, (2) when I came across this statement by Liu. It encapsulates what I would characterize as the cabal’s plan to take over the world economy in just three short paragraphs.

I’m going to follow it with Michel Chossudovsky’s article on financial warfare, which, if I had one article I’d recommend everyone read to understand what was happening to other countries in the world to cause their impoverishment, this would be the one I’d suggest.

The failed-state cancer. Part 1

Henry C K Liu, Asiant Times, Feb. 3, 2005

http://www.atimes.com/atimes/Global_Economy/GB03Dj01.html

… It has been said that when economics turns serious, it becomes political. The Washington Consensus, a term coined in 1990 by John Williamson of the Institute for International Economics to summarize the synchronized ideology of Washington-based establishment economists, reverberated around the world for a quarter of a century as the true gospel of reform indispensable for achieving growth in a globalized market economy.
Initially applied to Latin America and eventually to all developing economies, the term has come to be synonymous with globalized neo-liberalism or market fundamentalism to describe universal policy prescriptions based on free-market principles and monetary discipline within narrow ideological limits. It promotes for all economies macroeconomic control, trade openness, pro-market microeconomic measures, privatization and deregulation in support of a dogmatic ideological faith in the market’s ability to solve all socio-economic problems more efficiently, and to assert a blanket denial of an obvious contradiction between market efficiency and poverty eradication.

Financial-capital growth is to be served at the expense of human-capital growth. Sound money, undiluted by inflation, is to be achieved by keeping wages low through structural unemployment. Pockets of poverty in the periphery are the necessary price for prosperous centers. Such dogmas grant unemployment and poverty, conditions of economic disaster, undeserved conceptual respectability. State intervention has come to focus mainly on reducing the market power of labor in favor of capital in a blatantly predatory market mechanism. …

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